MANILA, Philippines - Listed food exporter Alliance Select Foods International Inc. posted a turnaround profit of $243,293 in the first half of the year, from losses of $784,102 incurred in the same period last year because of improvements in its tuna and salmon business.
In a regulatory filing, the company attributed the turnaround profit to improved performance in its canned tuna business.
In the second quarter of the year, the company and its subsidiaries posted a consolidated profit of $862,385, a reversal from losses of $604,785 incurred in the same period last year.
“The Group’s canned tuna division performance was characterized by a meaningful improvement in fish prices and deliveries. As a result, the company was able to considerably increase the amount of fish processes resulting to higher efficiencies in the processing facilities,†the company said.
The company also said that its smoked salmon units showed increased revenues despite a traditional slowdown during the second quarter of the year.
“We project the division to continue contributing a robust share to the company’s sales and profit growth, “ the company said.
In the first six months of the year, the company raked in revenues of $44.884 million against $35. 268 million in the same period in 2012.
In the second quarter ending June 30, revenues from sales reached $25.223 million, up 29 percent from $19.520 in the same period last year.
“The 29-percent hike resulted from an across the board increase in all of its local and foreign subsidiaries,†the company said.
Alliance said it also implemented better procurement and marketing strategies and better control measures.
The company engages in manufacturing, canning, importing, and exporting of food products such as marine, aquaculture and other processed sea food.
It exports its products to Europe, North America, Asia, Africa and South America, and is a private label manufacturer of canned tuna and does toll packing for other brands.